QUAD · Quad/Graphics, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $581.00M | - | $588.00M | $571.90M | $629.40M | - | $674.80M | $634.20M | $654.80M | - |
| Cost of Revenue | $458.10M | - | $454.10M | $448.10M | $500.00M | - | $527.60M | $493.90M | $521.30M | - |
| Gross Profit | $122.90M | - | $133.90M | $123.80M | $129.40M | - | $147.20M | $140.30M | $133.50M | - |
| R&D | - | - | - | - | - | - | - | - | - | - |
| SG&A | $78.40M | - | $80.90M | $80.20M | $83.50M | - | $88.40M | $88.70M | $83.10M | - |
| Total Operating Expenses | $563.30M | - | $561.60M | $558.20M | $609.80M | - | $679.70M | $619.10M | $665.50M | - |
| D&A | $18.40M | - | - | - | $19.70M | - | - | - | $28.60M | - |
| Operating Income | $17.70M | - | $26.40M | $13.70M | $19.60M | - | ($4.90M) | $15.10M | ($10.70M) | - |
| Interest Expense | $10.00M | - | $12.80M | $13.20M | $12.40M | - | $17.00M | $17.20M | $15.20M | - |
| Income Tax | $1.70M | - | $3.00M | $300.0K | $1.00M | - | $3.00M | $900.0K | $2.40M | - |
| Net Income | $6.20M | - | $10.20M | ($100.0K) | $5.80M | - | ($24.70M) | ($2.80M) | ($28.10M) | - |
| EPS - Basic | $0.13 | - | $0.21 | $0.00 | $0.12 | - | ($0.52) | ($0.06) | ($0.60) | - |
| EPS - Diluted | $0.13 | - | $0.21 | $0.00 | $0.11 | - | ($0.52) | ($0.06) | ($0.60) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $7.00M | $63.30M | $6.20M | $6.70M | $8.10M | $29.20M | $12.50M | $12.80M | $10.20M | $52.90M |
| Accounts Receivable | $311.60M | $294.80M | $313.20M | $290.00M | $303.90M | $273.20M | $305.60M | $294.20M | $302.70M | $316.20M |
| Inventory | $164.70M | $143.50M | $177.20M | $153.40M | $161.40M | $162.40M | $201.70M | $174.50M | $180.60M | $178.80M |
| Accounts Payable | $317.50M | $342.00M | $292.50M | $288.40M | $329.60M | $356.70M | $336.60M | $333.20M | $359.80M | $373.60M |
| Current Assets | $522.60M | $538.40M | $529.40M | $492.80M | $511.10M | $534.30M | $591.90M | $518.70M | $549.80M | $587.70M |
| Total Assets | $1.23B | $1.25B | $1.27B | $1.24B | $1.25B | $1.30B | $1.39B | $1.37B | $1.42B | $1.51B |
| Current Liabilities | $554.30M | $624.20M | $539.50M | $534.30M | $533.10M | $698.70M | $698.10M | $611.80M | $631.30M | $790.80M |
| Long-term Debt | $384.50M | $322.90M | $433.40M | $420.50M | $438.80M | $349.10M | $423.40M | $455.50M | $473.90M | $362.50M |
| Total Liabilities | $1.10B | $1.12B | $1.17B | $1.15B | $1.16B | $1.25B | $1.34B | $1.29B | $1.33B | $1.39B |
| Stockholders' Equity | $126.60M | ($59.50M) | $96.70M | $87.00M | $87.40M | $49.90M | $50.90M | $79.10M | $89.20M | $119.50M |
| Retained Earnings | ($622.10M) | ($623.20M) | ($630.50M) | ($637.00M) | ($633.10M) | ($635.10M) | ($637.20M) | ($610.00M) | ($604.60M) | ($573.90M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($93.70M) | - | - | - | ($89.00M) | - | - | - | ($52.20M) | - |
| Investing Cash Flow | ($15.00M) | - | - | - | ($14.10M) | - | - | - | ($15.90M) | - |
| Financing Cash Flow | $52.40M | - | - | - | $80.40M | - | - | - | $25.50M | - |
| CapEx | $13.30M | - | - | - | $11.30M | - | - | - | $17.90M | - |
| Free Cash Flow | ($107.00M) | - | - | - | ($100.30M) | - | - | - | ($70.10M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 21.2% | - | 22.8% | 21.6% | 20.6% | - | 21.8% | 22.1% | 20.4% | - |
| Operating margin | 3.0% | - | 4.5% | 2.4% | 3.1% | - | -0.7% | 2.4% | -1.6% | - |
| EBITDA margin | 6.2% | - | - | - | 6.2% | - | - | - | 2.7% | - |
| Net margin | 1.1% | - | 1.7% | -0.0% | 0.9% | - | -3.7% | -0.4% | -4.3% | - |
| Free cash flow margin | -18.4% | - | - | - | -15.9% | - | - | - | -10.7% | - |
| FCF / Net income | -17.26 | - | - | - | -17.29 | - | - | - | 2.49 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | 13.5% | - | 13.8% | 14.0% | 13.3% | - | 13.1% | 14.0% | 12.7% | - |
| Effective tax rate | 21.5% | - | 22.7% | 150.0% | 14.7% | - | - | - | - | - |
| Return on assets | 0.5% | - | 0.8% | -0.0% | 0.5% | - | -1.8% | -0.2% | -2.0% | - |
| Return on equity | 4.9% | - | 10.5% | -0.1% | 6.6% | - | -48.5% | -3.5% | -31.5% | - |
| Return on invested capital | 2.7% | - | 3.8% | 1.3% | 3.2% | - | -0.8% | 2.2% | -1.5% | - |
| Liquidity | ||||||||||
| Current ratio | 0.94 | 0.86 | 0.98 | 0.92 | 0.96 | 0.76 | 0.85 | 0.85 | 0.87 | 0.74 |
| Quick ratio | 0.65 | 0.63 | 0.65 | 0.64 | 0.66 | 0.53 | 0.56 | 0.56 | 0.58 | 0.52 |
| Cash ratio | 0.01 | 0.10 | 0.01 | 0.01 | 0.02 | 0.04 | 0.02 | 0.02 | 0.02 | 0.07 |
| Leverage | ||||||||||
| Debt / Equity | 3.04 | -5.43 | 4.48 | 4.83 | 5.02 | 7.00 | 8.32 | 5.76 | 5.31 | 3.03 |
| Debt / Assets | 0.31 | 0.26 | 0.34 | 0.34 | 0.35 | 0.27 | 0.30 | 0.33 | 0.33 | 0.24 |
| Debt / EBITDA | 10.65 | - | - | - | 11.17 | - | - | - | 26.47 | - |
| Interest coverage | 1.8x | - | 2.1x | 1.0x | 1.6x | - | -0.3x | 0.9x | -0.7x | - |
| Equity multiplier | 9.72 | -21.06 | 13.11 | 14.26 | 14.26 | 26.03 | 27.28 | 17.29 | 15.96 | 12.63 |
| Liabilities / Assets | 0.90 | 0.90 | 0.92 | 0.93 | 0.93 | 0.96 | 0.96 | 0.94 | 0.94 | 0.92 |
| Efficiency | ||||||||||
| Asset turnover | 0.47 | - | 0.46 | 0.46 | 0.50 | - | 0.49 | 0.46 | 0.46 | - |
| Inventory turnover | 2.78 | - | 2.56 | 2.92 | 3.10 | - | 2.62 | 2.83 | 2.89 | - |
| Days sales outstanding | 196d | - | 194d | 185d | 176d | - | 165d | 169d | 169d | - |
| Days inventory outstanding | 131d | - | 142d | 125d | 118d | - | 140d | 129d | 126d | - |
| Days payable outstanding | 253d | - | 235d | 235d | 241d | - | 233d | 246d | 252d | - |
| Cash conversion cycle | 74d | - | 102d | 75d | 53d | - | 72d | 52d | 43d | - |
| Valuation | ||||||||||
| P / E | 50.8x | - | 29.8x | - | 49.5x | - | - | - | - | - |
| P / B | 2.6x | - | 3.2x | 3.1x | 3.2x | - | 4.3x | 3.3x | 2.8x | - |
| P / S | 0.6x | - | 0.5x | 0.5x | 0.4x | - | 0.3x | 0.4x | 0.4x | - |
| EV / EBITDA | 19.5x | - | - | - | 18.0x | - | - | - | 39.9x | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -7.7% | - | -12.9% | -9.8% | -3.9% | - | -3.6% | -9.8% | -14.6% | - |
| Revenue CAGR (3y) | -8.8% | - | -10.9% | -9.0% | -5.4% | - | -1.5% | -3.0% | -2.5% | - |
| Revenue CAGR (5y) | -3.8% | - | -2.8% | -0.4% | -5.2% | - | -6.5% | -8.8% | -8.2% | - |
| Gross profit growth (YoY) | -5.0% | - | -9.0% | -11.8% | -3.1% | - | 5.6% | 5.3% | -10.4% | - |
| Operating income growth (YoY) | -9.7% | - | - | -9.3% | - | - | - | 79.8% | - | - |
| Net income growth (YoY) | 6.9% | - | - | 96.4% | - | - | -814.8% | 54.1% | -14.2% | - |
| EPS growth (YoY) | 18.2% | - | - | - | - | - | -766.7% | 50.0% | -20.0% | - |
| EPS CAGR (3y) | - | - | -8.0% | - | - | - | - | - | - | - |
| EPS CAGR (5y) | - | - | 47.6% | - | - | - | - | - | - | - |
| FCF growth (YoY) | -6.7% | - | - | - | -43.1% | - | - | - | 11.6% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | 44.9% | - | 90.0% | 10.0% | -2.0% | -58.2% | -63.0% | -48.5% | -48.4% | -30.9% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$2.42B totalUnited States Printand Related Services$2.21B · 91.5%
International$205.50M · 8.5%
Product / service
$6.85B totalProduct$1.89B · 27.6%
Total Products$1.69B · 24.7%
Catalog Publications Retail Inserts Books And Directories$1.14B · 16.7%
Direct Mail And Other Printed Products$535.90M · 7.8%
Service$528.60M · 7.7%
Total Services$525.70M · 7.7%
Imaging Marketing Services And Other Services$302.10M · 4.4%
Logistic Services$223.60M · 3.3%
Other Revenues$9.10M · 0.1%
Peer comparison
Same SIC group: Commercial Printing
Comparing Quad/Graphics against the 3 most active filers in the same SIC group.
Dividends
$0.35/share trailing 12 months · +40.0% YoY
| Ex-date | Per share |
|---|---|
| May 21, 2026 | $0.1000 |
| Feb 27, 2026 | $0.1000 |
| Nov 17, 2025 | $0.0750 |
| Aug 18, 2025 | $0.0750 |
| May 22, 2025 | $0.0750 |
| Feb 28, 2025 | $0.0750 |
| Nov 18, 2024 | $0.0500 |
| Aug 19, 2024 | $0.0500 |
| May 21, 2024 | $0.0500 |
| Feb 26, 2024 | $0.0500 |
| Feb 27, 2020 | $0.1500 |
| Nov 15, 2019 | $0.1500 |
| Aug 16, 2019 | $0.3000 |
| May 17, 2019 | $0.3000 |
| Feb 22, 2019 | $0.3000 |
| Nov 16, 2018 | $0.3000 |
| Aug 17, 2018 | $0.3000 |
| May 18, 2018 | $0.3000 |
| Mar 16, 2018 | $0.3000 |
| Nov 17, 2017 | $0.3000 |
| Aug 17, 2017 | $0.3000 |
| May 18, 2017 | $0.3000 |
| Feb 23, 2017 | $0.3000 |
| Nov 23, 2016 | $0.3000 |